Africa

World Bank: Debt relief plan approved

Edmund L. Andrews
New York Times
September 26, 2005

The World Bank’s policy-making committee endorsed a sweeping plan to wipe out billions in debt owed by the world’s poorest countries, most of them in Africa, clearing the way for debt relief to begin early next year.

The endorsement, which came a day after the International Monetary Fund approved a companion measure, is expected to initially eliminate about $40 billion in debt owed by 18 countries, though it could be extended to more than 35 severely impoverished nations that meet criteria for “sound” economic policy and good governing.

The basic plan was hammered out by the United States and Britain, and it was endorsed by the Group of 8 industrialized countries in July.

www.nytimes.com

Categories: Africa, Debt Relief, Odious Debts

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